The andritz group · Net income (including non-controlling interests) MEUR 75.8 219.7 ... • Reduction of trade accounts receivable . From -101 MEUR in H1 2018 to +272 MEUR in H1

COMPANY PRESENTATION

ANDRITZ GROUP

AUGUST 2019

01 ANDRITZ GROUP OVERVIEW

CHAPTER OVERVIEW

/ COMPANY PRESENTATION, AUGUST 2019 / © ANDRITZ GROUP 2

02 RESULTS H1/Q2 2019

03 UPDATE OF BUSINESS AREAS

04

ANDRITZ is a globally leading supplier of plants, equipment, systems and services for hydropower stations, the pulp and paper industry, the metalworking and steel industries, and solid/liquid separation in the municipal and industrial sectors as well as for animal feed and biomass pelleting

Global presence Headquarters in Graz, Austria; over 280 production sites and service/sales companies worldwide KEY FINANCIAL FIGURES:

THE ANDRITZ GROUP

3

SALES BY REGION 2018 (%)

Emerging markets: 41% Europe &

North America: 59%

6,031 MEUR

UNIT H1 2019 2018

Order intake MEUR 3,705.2 6,646.2

Order backlog (as of end of period) MEUR 7,724.2 7,084.3

Sales MEUR 3,062.4 6,031.5

Net income (including non-controlling interests) MEUR 75.8 219.7

Employees (as of end of period; without apprentices) - 29,616 29,096

/ COMPANY PRESENTATION, AUGUST 2019 / © ANDRITZ GROUP

A WORLD MARKET LEADER WITH FOUR BUSINESS AREAS


Electromechanical equipment for hydropower plants (turbines, generators); pumps; turbo generators

PRODUCT OFFERING

HYDRO

Equipment for production of all types of pulp, paper, tissue, and board; energy boilers

PRODUCT OFFERING

PULP & PAPER

Presses/press lines for metal forming (Schuler); systems for production of stainless steel, carbon steel, and non-ferrous metal strip; industrial furnace plants

PRODUCT OFFERING

METALS

Equipment for solid/liquid separation for municipalities and various industries; equipment for production of animal feed and biomass pellets

PRODUCT OFFERING

SEPARATION

39 29 10 22 % order intake* % order intake* % order intake* % order intake*

* Share of total Group order intake 2018

LONG-TERM GROWTH BASED ON ACQUISITIONS AND ORGANIC EXPANSION


Compound Annual Growth Rate (CAGR) of Group sales 2009-2018: +7% p.a. (thereof approximately half from organic growth)

3,198 3,554

4,596

5,177

5,711 5,859 6,377

6,039 5,889 6,031

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Sales (MEUR) Order intake (MEUR)

STRENGTHENING OF MARKET POSITION BY ACQUISITIONS


HYDRO PULP & PAPER METALS SEPARATION

2006 VA TECH HYDRO 2000 Ahlstrom Machinery 2010 Rieter Perfojet 2000 Kohler 2000 UMT

2007 Tigép 2000 Lamb Baling Line 2010 DMT/Biax 2002 SELAS SAS Furnace Div. 2002 3SYS

2008 GE Hydro business 2000 Voith Andritz Tissue 2011 AE&E Austria 2004 Kaiser 2004 Bird Machine

2010 GEHI (JV) 2002 ABB Drying 2011 Iggesund Tools 2005 Lynson 2004 NETZSCH Filtration

2010 Precision Machine 2003 IDEAS Simulation 2011 Tristar Industries 2008 Maerz 2004 Fluid Bed Systems

2010 Hammerfest Strøm 2003 Acutest Oy 2011 Asselin-Thibeau 2012 Bricmont 2005 Lenser Filtration

2010 Ritz 2003 Fiedler 2012 AES 2012 Soutec 2006 CONTEC Decanter

2011 Hemicycle Controls 2004 EMS (JV) 2013 MeWa 2013 Schuler (> 95%) 2009 Delkor Capital Equipment

2018 HMI 2005 Cybermetrics 2015 Euroslot 2013 FBB Engineering 2009 Frautech

2005 Universal Dynamics Group 2016 SHW Casting Technologies 2014 Herr-Voss Stamco 2010 KMPT

2006 Küsters 2017 Paperchine 2016 Yadon (52.9%) 2012 Gouda

2006 Carbona 2018 Novimpianti 2016 AWEBA 2013 Shende Machinery

2006 Pilão 2018 Diatec (70%) 2017 Powerlase (80%) 2016 ANBO

2007 Bachofen + Meier 2018 Xerium 2018 Farina Presse

2007 Sindus 2019 Kempulp 2018 ASKO

2008 Kufferath

2009 Rollteck

Acquisitions by business area since 2000


CHAPTER OVERVIEW




04

3,269

H1 2018 H1 2019

Mainly driven by strong increase in Pulp & Paper; Hydro, Metals, Separation down y/y

SIGNIFICANT INCREASE OF ORDER INTAKE IN Q2 2019


1,737

Q2 2018 Q2 2019

ORDER INTAKE Q2 2019 (IN MEUR)

Newly acquired companies: ~161 MEUR, thereof ~111 MEUR Xerium

2,047

ORDER INTAKE H1 2019 (IN MEUR)

+13%

3,705

+18%

ORDER INTAKE BY BUSINESS AREA (IN MEUR)


Q2 2019 Q2 2018 +/-

Hydro 288 318 -10%

Pulp & Paper 1,119 724 +55%

Metals 462 479 -4%

Separation 179 216 -17%

H1 2019 H1 2018 +/-

Hydro 602 753 -20%

Pulp & Paper 1,926 1,181 +63%

Metals 810 947 -14%

Separation 368 389 -5%

+9% organic

+4% organic

Aggregated order intake of the last four quarters amounts to ~7.1 bn. EUR

QUARTERLY DEVELOPMENT OF ORDER INTAKE


1,431 1,149 1,188

2,250

1,247 1,319 1,470 1,532 1,560 1,211 1,341 1,467 1,533 1,737

1,469 1,908

1,658 2,047

0

2,000

4,000

6,000

8,000

0

500

1,000

1,500

2,000

2,500

Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19

Order intake Last 4 quarters (right scale)

ORDER INTAKE BY REGION H1 2019 (H1 2018) IN %

• Xerium Technologies, Inc. contributed ~111 MEUR in Q2 2019

• Well balanced geographical exposure • Europe and North America: 54% • Emerging Markets: 46%

+18% MEUR MEUR

34%

20% 11%

20%

11% 4%

Europe North America

Asia (without China) South America

China Africa, Australia

(36%)

(15%) (15%)

(21%)

(5%)

(8%)

Emerging Markets: 46% (49%)

Europe & North Amerika: 54% (51%)

2,763

H1 2018 H1 2019

Very favorable development in Pulp & Paper; Hydro and Metals down on q/q

INCREASE OF GROUP SALES DRIVEN BY PULP & PAPER


1,472

Q2 2018 Q2 2019

SALES Q2 2019 (IN MEUR)


SALES H1 2019 (IN MEUR)

+11%

3,062

+7%

SALES BY BUSINESS AREA (IN MEUR)


1,573

Q2 2019 Q2 2018 +/-

Hydro 337 375 -10%

Pulp & Paper 708 551 +29%

Metals 371 395 -6%

Separation 158 152 +4%

H1 2019 H1 2018 +/-

Hydro 676 724 -7%

Pulp & Paper 1,310 1,010 +30%

Metals 759 742 +2%

Separation 318 287 +11%

-3% organic

0% organic

Quarterly development of service sales (in MEUR)

FURTHER INCREASE OF SERVICE BUSINESS


403 461 470

558 437 465 468

560 465 482 469

594

428 514 511

702 587

651

1,400

1,600

1,800

2,000

2,200

2,400

2,600

0

100

200

300

400

500

600

700

800

Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19Service sales Last 4 quarters (right scale)

Service business increased in absolute and relative terms:

29 30 32 34 36 41 40

2014 2015 2016 2017 2018 Q2 2019 H1 2019

+27%

% OF TOTAL SALES

1,670 1,892 1,930 2,010 2,155 2,450

2014 2015 2016 2017 2018 Last 4quarters

IN MEUR

* Thereof ~113 MEUR from Xerium

*

% of total business area sales

SERVICE BUSINESS BY BUSINESS AREA


26 25 26 29 28 28

2014 2015 2016 2017 2018 H1 2019

HYDRO

35 37 41 42 48 54

2014 2015 2016 2017 2018 H1 2019

PULP & PAPER

18 20 22 24 23 26

2014 2015 2016 2017 2018 H1 2019

METALS

43 44 46 47 45 47

2014 2015 2016 2017 2018 H1 2019

SEPARATION

ANDRITZ Fabrics and Rolls provides machine clothings and roll covers for paper, tissue, and board machines.

GROUP ORDER BACKLOG SIGNIFICANTLY UP COMPARED TO END OF 2018


• Order backlog at the end Q2 2019 was approx. 640 MEUR higher than at the end of 2018, mainly driven by Pulp & Paper

• Hydro and Pulp & Paper account for 73% of total order backlog

7,786 7,349 6,892 7,324 7,148 7,076 7,044 6,789 6,974 6,849 6,651 6,383 6,553 6,841 6,883 7,084 7,261 7,724

Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19

33%

40%

21%

6%

Hydro Pulp & Paper Metals Separation

ORDER BACKLOG Q2 2019 BY BUSINESS AREA

(IN %)

ORDER BACKLOG (AS OF END OF PERIOD; IN MEUR) +13%

Unsatisfactory performance of Metals

EARNINGS AND PROFITABILITY PRACTICALLY UNCHANGED DESPITE SALES INCREASE


94.6 94.7

Q2 2018 Q2 2019

EBITA (IN MEUR) AND EBITA MARGIN Q2 2019 (IN %)

Q2 2019: • Despite increase in sales, EBITA remained

practically unchanged at 94.7 MEUR (Q2 2018: 94.6 MEUR). Profitability amounted to 6.0% (Q2 2018: 6.4%)

• Unchanged favorable profitability of the Pulp & Paper business area

• Metals still impacted by execution of lower-margin orders, underutilization in Metals Forming (Schuler) as well as cost overruns on some projects in Metals Processing

• Improved profitability in Hydro and Separation

+0%

6.4% 6.0%

166.3 177.5

H1 2018 H1 2019

EBITA (IN MEUR) AND EBITA MARGIN H1 2019 (IN %)

+7%

6.0% 5.8%

PROFITABILITY BY BUSINESS AREA

EBITA margin (%)

15

SEPARATION

/ COMPANY PRESENTATION, AUGUST 2019 / © ANDRITZ GROUP

HYDRO PULP & PAPER METALS

7.5

5.9 6.9

6.0 6.5

FY 2018 Q2 2018 Q2 2019 H1 2018 H1 2019

9.9 10.6

10.0 9.2 9.4

FY 2018 Q2 2018 Q2 2019 H1 2018 H1 2019

4.8 4.0

5.4 4.3

5.3

FY 2018 Q2 2018 Q2 2019 H1 2018 H1 2019

1.7 2.0

-2.3

2.4

-0.9 FY 2018 Q2 2018 Q2 2019 H1 2018 H1 2019

Mainly driven by Pulp & Paper

IMPROVEMENT OF NET WORKING CAPITAL IN Q2 2019


• Increase of contract liabilities due to increase of advance/progress payments for projects • Reduction of trade accounts receivable

From -101 MEUR in H1 2018 to +272 MEUR in H1 2019

SIGNIFICANT INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES


IN MEUR

Split of total depreciation: • ~85 MEUR depreciation, thereof

• ~12 MEUR from newly acquired companies and • ~23 MEUR from IFRS 16 Leasing

• ~44 MEUR IFRS 3 Amortization, thereof • ~30 MEUR from newly acquired companies, mainly Xerium)

• 4.5 MEUR impairment of goodwill in Metals

• ~138 MEUR increase in contract liabilities (+) • ~75 MEUR increase in inventories (-) • ~52 MEUR decrease in trade receivables (+) • ~45 MEUR increase in advance payments made (-) • ~35 MEUR decrease in contract assets (+) • ~7 MEUR decrease in liabilities (-)


CHAPTER OVERVIEW


02 03 UPDATE OF BUSINESS AREAS

04

• New hydropower plants Some new, larger projects are currently in the planning phase, especially in Southeast Asia and Africa; selective award of individual projects is likely

• Pumps

Good project activity

• Modernizations/rehabilitations As a result of the continuing low investment activity by utilities driven by low electricity prices, many modernization projects are still postponed, particularly in Europe

• Competition Stable competition at challenging level

Selective award of individual projects, particularly in the growing Asian market

HYDRO (1): UNCHANGED MODERATE MARKET ENVIRONMENT


ANDRITZ will supply four double-stage vertical pumps to the Shanxi Xiaolangdi Yellow River Diversion project. Each of these pumps has a flow rate of 5 m3/s.

HYDRO (2): DESPITE DECLINE IN SALES, IMPROVED EARNINGS AND MARGIN DEVELOPMENT Order intake at unchanged low level


Order intake below the low level of last year

Project-related improvement of earnings and margin

Emerging markets:

44% (50%)

Europe/ North America: 56% (50%)

SALES BY REGION H1 2019 VS. H1 2018 (%)

Emerging markets:

48% (62%)


ORDER INTAKE BY REGION H1 2019 VS. H1 2018 (%)

Decrease in sales as a result of lower order intake in the last years

UNIT H1 2019 H1 2018 +/- Q2 2019 Q2 2018 +/- 2018

Order intake MEUR 601.8 753.1 -20.1% 287.9 318.2 -9.5% 1,445.8

Order backlog (as of end of period) MEUR 2,563.3 2,789.1 -8.1% 2,563.3 2,789.1 -8.1% 2,667.9

Sales MEUR 675.6 724.3 -6.7% 337.2 374.5 -10.0% 1,517.5

EBITDA MEUR 60.2 57.1 +5.4% 30.0 29.3 +2.4% 142.4

EBITDA margin % 8.9 7.9 - 8.9 7.8 - 9.4

EBITA MEUR 44.0 43.4 +1.4% 23.4 22.2 +5.4% 113.8

EBITA margin % 6.5 6.0 - 6.9 5.9 - 7.5

Employees (as of end of period; without apprentices) - 7,332 7,233 +1.4% 7,332 7,233 +1.4% 7,002

• Pulp Very good project activity for both modernization of existing pulp mills and greenfield pulp mills (particularly in South America)

• Paper Satisfactory market development for tissue and packaging equipment continued

• Power generating boilers Very good project and investment activity, especially in Asia (Japan)

• Competition

Stable competitive environment

PULP & PAPER (1): VERY GOOD MARKET ENVIRONMENT


The HERB recovery boilers from ANDRITZ maximize the production of green energy in pulp mills

MAJOR PULP ORDERS RECEIVED


The white liquor plant delivered by ANDRITZ in 2016 for Klabin’s pulp mill in Ortigueira, Paraná, Brazil, has one of the world’s largest recausticizing plants, with 16,000 m3 white liquor production daily.

• Long-term maintenance and service contract for Arauco‘s MAPA project in Chile. The service agreement for the entire mill will start in September 2019 and run for more than nine years through to February 2029. It is the largest maintenance and service contract ANDRITZ has ever been awarded

order intake will be booked annually.

• Supply of major pulp production technologies and key process equipment (on EPC basis) for Klabin‘s pulp mill in Brazil

order booked in Q2 2019.

• Significant pulp mill order (on EPC basis) from an international pulp and paper producer to supply energy-efficient and environmentally friendly pulp production technologies and key process equipment

order expected to be booked in Q3 2019.

PULP & PAPER (2): VERY FAVORABLE BUSINESS DEVELOPMENT Strong increase in order intake; earnings and profitability at favorable levels


Order intake significantly up, both for the capital and service business

Earnings and profitability at unchanged favorable levels

Strong increase in sales; mainly driven by the service business with Xerium adding ~113 MEUR to sales in Q2 2019

Emerging markets:

43% (39%)


SALES BY REGION H1 2019 VS. H1 2018 (%)

Emerging markets:

51% (40%)


ORDER INTAKE BY REGION H1 2019 VS. H1 2018 (%)

UNIT H1 2019 H1 2018 +/- Q2 2019 Q2 2018 +/- 2018

Order intake MEUR 1,925.7 1,180.9 +63.1% 1,118.8 723.5 +54.6% 2,571.9

Order backlog (as of end of period) MEUR 3,054.0 2,098.9 +45.5% 3,054.0 2,098.9 +45.5% 2,421.1

Sales MEUR 1,310.3 1,009.5 +29.8% 707.6 550.6 +28.5% 2,233.2

EBITDA MEUR 163.0 106.1 +53.6% 91.1 65.2 +39.7% 258.4

EBITDA margin % 12.4 10.5 - 12.9 11.8 - 11.6

EBITA MEUR 123.6 92.9 +33.0% 71.1 58.4 +21.7% 222.1

EBITA margin % 9.4 9.2 - 10.0 10.6 - 9.9

Employees (as of end of period; without apprentices) - 11,772 8,242 +42.8% 11,772 8,242 +42.8% 11,435

Increase of employees vs. H1 2018 mainly due to acquisition of Xerium, Diatec and Novimpianti

• Metals Forming Unchanged moderate project and investment activity due to the continuing weak international automotive market as well as due to the economic slow down in China

• Metals Processing Reduced project activity. Orders placed focused mainly on technologies and plants for the production of advanced high-strength steel grades as well as for the production of aluminum for the automotive industry

• Competition Unchanged challenging competition

METALS (1): CONTINUED LOW PROJECT AND INVESTMENT ACTIVITY IN METALS FORMING


Bridle rolls in an ANDRITZ aluminum finishing line. Continuous annealing and processing line for automotive sheets

• Worldwide very low investment activity by automobile producers and their suppliers

• Cost base of Schuler in Germany not competitive

• Restructuring necessary to ensure long-term profitability and competitiveness of Schuler:

• Reduction of manufacturing capacities in Germany partial shift to China and Brazil

• Reduce number of personnel by 500 people, mainly in manufacturing

• Total one-off provisions of around 85 MEUR + impairment of goodwill of 25 MEUR

• First savings from restructuring expected by H2/2020

• Together with the restructuring program 2018, total cost savings of 60 MEUR expected as from 2022

Necessary cost and capacity cuts to reduce underabsorption

RESTRUCTURING OF SCHULER


Schuler headquarters in Göppingen, Germany.

Despite acquisitions order intake practically flat over the last five years

SCHULER: ORDER INTAKE AND SALES 2013-H1 2019


1,039

1,194

1,016

1,200 1,141

1,255

547

1,165 1,178 1,200 1,174 1,233 1,212

547

2013* 2014 2015 2016** 2017 2018 H1 2019

Order intake Sales

ORDER INTAKE AND SALES (IN MEUR)

* First-time consolidation of the Schuler Group as of March 2013; pro forma ** First-time consolidation of Yadon and Aweba as of July 2016

611 676

EBITDA EBITDA excl.extraordinary items

287 272 298 290 310 334

2013* 2014 2015 2016** 2017 2018

• Purchased in 2013 (purchase price: ~600 MEUR) business plan assumed lower sales going forward

• Acquisition multiple: 4.1 EV/EBITDA Actual six year average: 5 / 4.6 (excl. extraordinary items)

• Two restructuring programs in 2013 and

2015 with a total of 60 MEUR implemented

• Acquisition of Yadon in 2016 to expand business in the Chinese growth market

• Some shift of production capacities to China

• Weakness of the global automotive market in 2018 leads to under-absorption especially in Germany

SALES CHINA (IN MEUR)

AGGREGATED EBITDA 2013- H1 2019 (IN MEUR)

METALS (2): UNSATISFACTORY BUSINESS DEVELOPMENT Earnings and profitability down in Metals Processing and Metals Forming


Order intake in Q2 2019 only slightly down y/y

Earnings and profitability significantly down due to • execution of lower-margin

orders and • under-utilization in Metals

Forming (Schuler). • Cost overruns in Metals

Processing

Emerging markets:

39% (31%)


Emerging markets:

30% (48%)


SALES BY REGION H1 2019 VS. H1 2018 (%) ORDER INTAKE BY REGION H1 2019 VS. H1 2018 (%)

Decrease in sales in Q2 2019, mainly due to Metals Forming

UNIT H1 2019 H1 2018 +/- Q2 2019 Q2 2018 +/- 2018

Order intake MEUR 809.8 946.7 -14.5% 461.7 478.9 -3.6% 1,931.8

Order backlog (as of end of period) MEUR 1,654.2 1,493.9 +10.7% 1,654.2 1,493.9 +10.7% 1,591.6

Sales MEUR 758.7 742.4 +2.2% 370.9 394.9 -6.1% 1,635.1

EBITDA MEUR 15.8 32.1 -50.8% 3.0 15.3 -80.4% 57.8

EBITDA margin % 2.1 4.3 - 0.8 3.9 - 3.5

EBITA MEUR -6.9 17.7 -139.0% -8.4 7.9 -206.3% 27.3

EBITA margin % -0.9 2.4 - -2.3 2.0 - 1.7

Employees (as of end of period; without apprentices) - 7,680 7,690 -0.1% 7,680 7,690 -0.1% 7,818

• Municipal Investment activity at unchanged good levels (sewage sludge dewatering and drying)

• Industrial Good project activity in chemicals, mining, and minerals; investment activity in food improved from low levels

• Feed and biomass pelleting

Solid project activity • Competition

Unchanged market environment with some global and many regional competitors

Particularly for solid/liquid separation equipment

SEPARATION (1): GOOD PROJECT AND INVESTMENT ACTIVITY CONTINUED


ANDRITZ Gouda paddle dryer for hygienic drying of foods and chemicals. ANDRITZ Aqua-Screen T

SEPARATION (2): IMPROVED BUSINESS DEVELOPMENT Order intake below the very high level of last year, which included a larger order


Order intake in Q2 2019 below the high level of last year, which included a larger order in China

Earnings and profitability up as a result of higher sales

Increase in sales due to the positive development of order intake in solid/liquid separation in the past few quarters

Emerging markets:

39% (34%)


Emerging markets:

45% (50%)


SALES BY REGION H1 2019 VS. H1 2018 (%) ORDER INTAKE BY REGION H1 2019 VS. H1 2018 (%)

UNIT H1 2019 H1 2018 +/- Q2 2019 Q2 2018 +/- 2018

Order intake MEUR 367.9 388.6 -5.3% 178.7 215.9 -17.2% 696.7

Order backlog (as of end of period) MEUR 452.7 459.2 -1.4% 452.7 459.2 -1.4% 403.7

Sales MEUR 317.8 286.9 +10.8% 157.6 152.1 +3.6% 645.7

EBITDA MEUR 23.7 16.4 +44.5% 12.0 8.1 +48.1% 39.4

EBITDA margin % 7.5 5.7 - 7.6 5.3 - 6.1

EBITA MEUR 16.8 12.3 +36.6% 8.5 6.1 +39.3% 31.1

EBITA margin % 5.3 4.3 - 5.4 4.0 - 4.8

Employees (as of end of period; without apprentices) - 2,832 2,858 -0.9% 2,832 2,858 -0.9% 2,841


CHAPTER OVERVIEW




OUTLOOK 04

Largely unchanged prospects for markets served

OUTLOOK: GUIDANCE FOR 2019 CONFIRMED


Hydro Pulp & Paper Metals Separation Satisfactory Very Good Satisfactory Very good

• For 2019, ANDRITZ continues to expect a significant increase in sales compared to 2018 due to high order

backlog and sales contributions by the companies acquired in 2018

• Profitability (EBITA margin) expected to reach the level of 2018 excluding extraordinary effects (EBITA margin:

6.9%)

Market outlook

This presentation contains valuable, proprietary property belonging to ANDRITZ AG or its affiliates (“the ANDRITZ GROUP”), and no licenses or other intellectual property rights are granted herein, nor shall the contents of this presentation form part of any sales contracts that may be concluded between the ANDRITZ GROUP companies and purchasers of any equipment and/or systems referenced herein. Please be aware that the ANDRITZ GROUP actively and aggressively enforces its intellectual property rights to the fullest extent of applicable law. Any information contained herein (other than publically available information) shall not be disclosed or reproduced, in whole or in part, electronically or in hard copy, to third parties. No information contained herein shall be used in any way either commercially or for any purpose other than internal viewing, reading, or evaluation of its contents by the recipient, and the ANDRITZ GROUP disclaims all liability arising from the recipient’s use or reliance upon such information. Title in and to all intellectual property rights embodied in this presentation and all information contained therein is and shall remain with the ANDRITZ GROUP. None of the information contained herein shall be construed as legal, tax, or investment advice, and private counsel, accountants, or other professional advisers should be consulted and relied upon for any such advice. All copyrightable text and graphics, the selection, arrangement, and presentation of all materials, and the overall design of this presentation are © ANDRITZ GROUP 2019. All rights reserved. No part of this information or materials may be reproduced, retransmitted, displayed, distributed, or modified without the prior written approval of the owner. All trademarks and other names, logos, and icons identifying the owner’s goods and services are proprietary marks belonging to the ANDRITZ GROUP. If the recipient is in doubt whether permission is needed for any type of use of the contents of this presentation, please contact the ANDRITZ GROUP at [email protected].

DISCLAIMER


Documents

The andritz group · Net income (including non-controlling interests) MEUR 75.8 219.7 ... • Reduction of trade accounts receivable . From -101 MEUR in H1 2018 to +272 MEUR in H1